Vietnamese real estate profits drop significantly after audits

Following financial audits, several Vietnamese real estate companies have reported significant drops in profits compared to their self-prepared reports.

Thuduc House Development JSC (TDH) saw its consolidated after-tax profit plummet to less than 2 billion VND, a decrease of over 10 billion VND or more than 85% compared to its initial self-prepared report. The company attributed part of this discrepancy to a 2.5 billion VND provision made for an advance payment to Thuduc House Service Exploitation Co., Ltd., following auditor recommendations to comply with prudent accounting standards.

Similarly, LDG Investment JSC (LDG) reported a consolidated after-tax loss of nearly 88 billion VND, a significant increase from the loss of approximately 41 billion VND stated in its self-prepared report.